Wednesday, June 6, 2007
I'm representing a little gem of a building in the heart of the 'Ladies Mile Historic Landmark District', at 9 West 19th Street. When I received a call from the owner, I was excited as this is a building which I pass by each day on my way to work. I admired the building's wonderful terra-cotta facade with restored, intricate, wood framed windows, even before being retained as the exclusive marketing agent for it. After my first walk through I was even more excited, as it is in excellent condition, and retains some lovely pre-war details throughout.
The building is mixed-use, may be commercial or residential as-of-right, and can be delivered vacant. That's the most versatile scenario for it's new owners. This is a prime opportunity for an owner to use the ground floor space with separate entrance, to operate a business, while living on the upper floors; or produce substantial income from commercial and/or residential rentals to offset the costs of ownership. It would also make a huge single family townhouse. Condo developers and investors will want to consider that the building has substantial floor area ratio available which will allow for expansion, or possible air-rights transfers.